Research analysts at the Transparency Market Research had placed the evaluation of the global pain management therapeutics market at US$ 66.6 million in the year of 2018. They predict that the industry will expand at a steady CAGR of 3.7 % over the forecast period of 2019 to 2027. They also project that the global cable management market will grow to hit the mark of US$ 92,123.4 million at the end of the forecast period i.e. 2027.
Rising incidence of chronic pain diseases, high demand for pain management products, and effective and easy nature of medications are fueling the demand in the global pain management therapeutics market. According to WHO, the United States alone had around 50 million individuals, experiencing severe chronic pain in the year of 2018.
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Products in the global pain management therapeutics market are used for various indications, including neuropathic pain, arthritic pain, migraine, cancer pain, fibromyalgia, chronic back pain, and post-operative pain. Rising awareness regarding the easy availability of pain management medications coupled with high acceptance of pain management drugs are anticipated to bolster the future trajectory of the global pain management therapeutics market in 2019 to 2027 i.e. the forecast period. Several other drivers for the global pain management therapeutics market include high availability, high awareness amongst population, low cost, and easy access of these medications.
Rising Incidence of Cancer Cases Drive the Demand in Pain Management Therapeutics Market
Types of therapeutics offered by the players in the global pain management therapeutics market include anticonvulsants, anesthetics, opioids (such as oxycodone, tramadol, and hydrocodone, among others), antimigraine agents, antidepressants, NASAIDS, and other non-narcotic analgesic. Increase in the instances of chronic pain disorders and episodes along with higher and ever rising instances of cancer are expected to foster the expansion of the global pain management therapeutics market in coming years.
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However, long term usage of the products in the global pain management therapeutics market can cause side effects such as constipation, respiratory depression, and drowsiness. They can also cause a high risk of gastrointestinal ulceration or even bleeding. These side effects and associated risks may pose a challenge to the advancement of the global pain management therapeutics market in coming years.
Key regions covered in the market analysis of the global pain management therapeutics industry include Europe (including the United Kingdom, Italy, Germany, Spain, France, and rest of the Europe), Latin America (including Brazil, Mexico, and rest of the Latin America), North America (including the United States and Canada), Middle East and Africa (South Africa, Gulf Cooperation Council countries, and rest of the Middle East and Africa), and Asia Pacific (including Japan, New Zealand, China, Australia, India, and rest of the Asia Pacific).
Players in the Pain Management Therapeutics Market Focused on Gaining Regulatory Approvals for New Products
Major incumbent players assessed in the research report on the global pain management therapeutics market are Depomed, Inc., Purdue Pharma L.P., Teva Pharmaceutical Industries Ltd., AstraZeneca, Plc, Merck & Co., Inc., GlaxoSmithKline PLC., Pfizer Inc., Endo International PLC, Mallinckrodt Pharmaceuticals, Novartis AG, Johnson & Johnson Services, Inc., and Abbott Laboratories. Key incumbent players and manufacturers in the global pain management therapeutics market are focusing their funds as well as their efforts in gaining regulatory approvals for new products and developing new products.
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The competitive landscape of the global pain management therapeutics market is highly fragmented, with large number of international as well as regional players in the global marketplace. Key strategies implemented by the players in the global pain management therapeutics market include acquisitions as well as collaborative agreements with other vendors. For example, Eli Lily and Company and Pfizer, Inc. gained an USFDA approval for their chronic pain treatment medication aimed at treating moderate to severe osteoarthritis. The medication is known as Tanezumab 2.5 mg and it is administered subcutaneously.
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